The Australian Government will double the tax rate applied to earnings from superannuation balances above $3 million from 15 per cent to 30 per cent.
The change will take effect from 2025-26. It is expected to apply to around 80,000 people. Nevertheless, this group will continue to enjoy the 15 per cent concessional rate applied to earnings from the $3 million below the threshold.
This adjustment does not impose a limit on the size of superannuation account balances in the accumulation phase. And it applies to future earnings, not past earnings.
The change is expected to generate revenue of about $2 billion in its first full year of revenue.
The tax rate applied to other superannuation accounts with balances below $3 million remains at 15 per cent.
The announcement was made by Treasurer Jim Chalmers. More information about the policy details will be published on the Treasury website.
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